Standard of Care

If I had only a fee-based investment schedule to work with, I may very well still be putting my retirement income in a 1% savings account. I have been able to diversify my portfolio because I have had some choices about products I could invest in with smaller amounts of money. The commission-based products have all proved monetarily to be more profitable for me rather than if I have paid for those products with a fee. I was very glad to have been given the choice.

After Reg BI, my process for explaining the choices in how clients can engage me is very clear and understandable to them. We have new procedures for determining and disclosing conflicts, our staff is trained, and the clients’ interests are always put ahead of any other interests, which I have always done. Our compliance supervisors are very skilled at educating brokers on the current rules regarding recommendations using qualified money.

As an agent and financial advisor who can assist clients on both a fee-basis and a commission basis, I’ve found that no one solution is right for everyone. If I were to limit my practice solely to fee-based clientele, I would leave more than half of my clients to fend for themselves or pay even higher fees over the long-term. Time after time, when comparing fee-based costs to commission-based charges, I’ve found commission is less over the long-term. The very nature of my practice is to help clients prepare for the long-term, putting them first. If not, I wouldn’t have been able to retain my clientele and continue to receive referrals from them over the past several decades. They appreciate what I do, and with my broker-dealer supervising me to ensure my ongoing compliance, they feel confident that I’m acting in their best interest.

My clients appreciate being able to talk with me about their needs and objectives and don’t want to use online tools and calculators. My required CE training includes courses on working with qualified accounts. I am able to work under a fee-based arrangement or a commission arrangement, and my clients appreciate being able to choose which arrangement is best for them. Most of my small business clients were reluctant to implement a 401(k) until I offered to work with their employees and staff responsible for the plan record-keeping.

We have (or our company has) new procedures for determining and disclosing conflicts, our staff is trained, and the clients’ interests are always put ahead of any other interests, which I have always done.

While I have always put my client's interests first, I believe the new best interest standard is definitely a higher standard that protects consumers more than the old "suitability" standard. I am able to work under a fee-based arrangement or a commission arrangement, and my clients appreciate being able to choose which arrangement is best for them.

After Reg BI, my process for explaining the choices in how clients can engage me is very clear and understandable to them. Sometimes a commission product is the best fit for the client’s needs and circumstances, and I satisfy DOL’s PTE requirements if I am working with qualified accounts and using commission products.

My clients like being able to talk with me and don't want to use online tools. I have always put my clients' interests first and more than one client has said they sleep better knowing I am helping with their retirement goals.

I have always put my clients’ interests first, otherwise, no one in my community would work with me. My clients appreciate being able to discuss their financial goals and objectives and don't want to use online calculators.